What is the current NAV per share as of the most recent quarter?

We do not publish our internal calculation of NAV per share as part of our regular quarterly disclosure, but we do include commentary on our calculated NAV as part of the compensation scorecard discussion contained in our annual Management Information Circular, as NAV growth is a significant metric in our scorecard. We also include in our investor presentations a breakdown of analyst consensus NAV by segment. As of the second quarter ended June 30, 2026, our calculated net asset value per share (based on a 50/50 blend of internal and external NAV estimates) was $34.73. This represents significant growth from the prior year, where our NAV per share was $27.41 as of the second quarter ended June 30, 2025.

Our NAV per share is a key metric we track and disclose as part of our shareholder return performance measurement. The growth in NAV as measured by analyst consensus reflects the expansion of our royalty portfolio, including the addition of four operating lithium royalties from our Lithium Royalty Corp. acquisition completed on March 6, 2026, as well as our increased ownership stake in Great Bay Renewables following the closing of our transaction on July 30, 2026.